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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) MAY 15, 1996
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LABARGE, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-5761 73-0574586
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(State or other jurisidiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
707 NORTH SECOND STREET, ST. LOUIS, MISSOURI 63178
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 231-5960
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LABARGE, INC.
FORM 8-K
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On May 15, 1996, LaBarge/STC, Inc. (the "Company"), a wholly owned
subsidiary of the Registrant, completed the acquisition of the assets of Sorep
Technology Corporation ("Sorep") and assumed approximately $400,000.00 of
Sorep's liabilities. The purchase included substantially all of the assets of
Sorep's leased hybrid circuit and electronic assembly manufacturing facility
located in Houston, Texas. In addition, the Company entered into a lease with
Schlumberger Technology Corporation for Sorep's manufacturing facility
premises. For its fiscal year ended December 31, 1995, Sorep's revenues and
operating income approximated $6 million and $900,000 respectively.
The Company intends to continue the business formerly operated by Sorep --
the business of manufacturing and selling custom hybrid circuits and high
temperature electronic assemblies used in oil and gas exploration, drilling and
production.
At closing, the Company paid $1.6 million in cash to Sorep. The purchase
price is subject to post-closing adjustments based on the closing date balance
sheet of Sorep; the Company currently estimates the aggregate purchase price
will approximate $2.75 million. The purchase price was determined by arms'
length negotiations between the parties. Funds for the acquisition were
contributed by the Registrant to the Company from the Registrant's available
cash and borrowings under its existing line of credit with Sanwa Business
Credit Corporation.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of business acquired.
At present, it is impractical for the Company to provide required
financial statements for the acquired business, but such financial statements
will be filed by an amendment to this report within 60 days after the time for
filing this report.
(b) Pro forma financial information.
At present, it is impractical for the Company to provide required pro
forma financial information relative to the acquired business, but such
financial information will be filed by an amendment to this report within 60
days after the time for filing this report.
(c) Exhibits.
10.i Asset Purchase Agreement dated May 15, 1996, excluding exhibits
and schedules referred to in said agreement.
99. Registrant's Press Release issued May 16, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
LABARGE, INC.
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Date May 28, 1996 By: Craig E. LaBarge
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Craig E. LaBarge
President